Inca One Gold Provides Review of Calendar 2017
Momentum Public Relations
Press Release: January 10, 2018
INCA ONE GOLD PROVIDES REVIEW OF CALENDAR 2017
Inca One Gold Corp. has provided an update on the milestones achieved in 2017 and its primary goal of profitability in 2018.
The year 2017 was a turnaround year for Inca One, with significant milestones accomplished as it continued toward its pursuit of profitability and its vision of becoming a leading commercial gold processor in Peru. In its third year of commercial operations, it focused on operating cost reductions, infrastructure upgrades and internal controls.
During 2017, the Chala One plant operated at an average throughput of 65 tonnes per day. Deliveries to Chala One were 22,921 tonnes, up from 15,447 tonnes in 2016, an increase of 48 per cent. Chala processed 23,708 tonnes of material in this year, up from 14,447 tonnes in 2016, an increase of 64 per cent. Gold production for the year was 9,927 ounces, up from 6,682 ounces produced in 2016, representing a 49-per-cent increase. Gross sales were approximately $13-million (U.S.), up from $9.0-million (U.S.) in 2016, an increase of 44-per-cent year over year. The increase in production can be attributed to the company’s skilled operators and having sufficient working capital to purchase ore and pay miners in a timely manner. This working capital was lacking in 2016 due to IGV (value-added tax) audits.
The year’s first milestone occurred in early January, 2017, with the receipt of a beneficial permit, making Chala One one of the few companies in Peru to complete the formalization process. The receipt of the beneficial permit allowed for the successful permitting of the company’s first major infrastructure project: the construction of an electrical power line. The power line was completed in July, and Chala One was connected to Peru’s national power grid in August. As a result, electrical and power cost savings to Chala One are approximately $18,000 (U.S.) per month with this conversion.
Another key infrastructure component was the expansion and upgrading of tailing facilities to increase capacity by approximately 90,000 cubic metres. The capital cost was approximately $313,000 (U.S.) and, at current throughput levels, tailing capacity will last approximately five years. Future expansion may be required sooner as throughput rates increase.
Additionally, to ensure a consistent supply of quality mineral to the processing plant, it was necessary to develop a comprehensive infrastructure of mineral buyers in each gold-rich area of Peru. Inca One’s network of mineral buyers had been using a fleet of leased vehicles to service existing zones and for exploring new zones to determine the viability of mineral supply. During the fourth quarter of 2017, the company negotiated the purchase of a fleet of well-maintained used vehicles for its team on the ground, reducing monthly lease costs by approximately $22,000 (U.S.), contributing to improved cost savings.
While infrastructure was a focus last year, the company also had a noteworthy improvement in production on a year-over-year basis. Ore purchasing, ore processing and gold production were consistent throughout the year and ore-purchasing margins were maintained over comparable periods on a year-over-year basis. Inca One was able to improve production despite an extraordinary rainy season in February, March and April due to the impact of El Nino.
Due to investment in infrastructure, the company’s business cycle has now been reduced from the 45-day turnaround in its first year to the current 21-day operating cycle of ore delivery to gold export. This represents a significant improvement as working capital will no longer be tied up for extended periods of time. Additionally, the back office in Peru is to be congratulated as they have been able to keep monthly IGV submissions and refunds current.
Looking ahead to 2018, the company anticipates further production growth and cost reductions. It has emerged from recent improvements and investments, following three years of consecutive commercial production, right-sized and with a fully integrated gold ore processing plant. Inca One is optimistic about its future and trusts that its foundation is strong and ready for growth.
Results of 2018 annual general meeting
On Dec. 13, 2017, the company held its annual general meeting in Vancouver, B.C. All resolutions were passed by the requisite majority. Grant Thornton LLP, chartered professional accountants, was reappointed as auditor of the company for the ensuing year and shareholders confirmed the company’s stock option plan.
Shareholders voted in favour of setting the number of directors at four and the following incumbent directors were re-elected: Edward Kelly, Bruce Bragagnolo, Rodney Stevens and Adrian Morger.
About Inca One Gold Corp.
Inca One is a Canadian-based mineral processing company. The company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the sixth-largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately $3-billion (U.S.) annually. The company purchases its minerals from government registered small-scale mining producers from various regions and processes it at its Chala One milling facility located in Chala, southern Peru.
- Published in Inca One Gold Corp
Inca One Gold announces increase in gold production in August, September and October
Momentum Public Relations
Press Release: November 9, 2017
VANCOUVER, Nov. 9, 2017 /PRNewswire/ – INCA ONE GOLD CORP. (TSXV: IO, Frankfurt: SU9.F, SSEV: IOCL) (“Inca One” or the “Company“) is pleased to report gold production for the three months ending October 31, 2017 more than doubled from the same period last year, reaching 2,921 ounces, an increase of 124 year-over-year (“YOY“) and an increase of 17 from the prior three months ending July 31, 2017.
During the three months ending October 31, 2017, the Company achieved an average throughput of 69 tonnes per day (“tpd“), an increase of 107 from the same period last year and an increase of 9 from the prior three months ending July 31, 2017. Over August, September and October 2017, the Company processed approximately 6,358 tonnes of gold bearing material including tailings, compared to 3,070 tonnes YOY, (an increase of 107 .
Production |
August |
September |
October |
Totals |
YOY change |
Gold produced (oz) |
928 |
889 |
1,104 |
2,921 |
124 |
Throughput (tpd) |
66 |
59 |
82 |
69 |
107 |
Deliveries (tonnes) |
2,139 |
2,050 |
1,900 |
6,089 |
31 |
Production (tonnes) |
2,032 |
1,769 |
2,557 |
6,358 |
107 |
Inca One’s supply of gold bearing material for processing also increased steadily when compared on a YOY basis. Mineral received during the three months ending, October 2017 was 6,089 tonnes, an increase of 31 YOY. When compared to the prior three months ending July 31, 2017 deliveries were slightly higher, increasing by 2 .
Inca One President and CEO, Edward Kelly stated, “I am extremely pleased with yet another consistent period from our operations team at Chala One. These three months were one of our most productive on record and I anticipate further increases in future gold production by sourcing higher-grade and higher margin material.”
About Inca One
Inca One is a Canadian-based mineral processing company. The Company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the 6th largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately US$3 billion annually. The Company purchases its minerals from government registered small-scale mining producers from various regions and processes it at its Chala One milling facility located in Chala, Southern Peru.
On behalf of the Board,
Edward Kelly,
President and CEO
INCA ONE GOLD CORP.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
SOURCE Inca One Gold Corp.
- Published in Inca One Gold Corp, Mining, News Home
Inca One Gold Announces 124 Increase in YOY Gold Production in July and August 2017
Momentum Public Relations
Press Release: September 13, 2017
VANCOUVER, BC – September 13, 2017 – INCA ONE GOLD CORP. (TSXV: IO, Frankfurt: SU9.F, SSEV: IOCL) (“Inca One” or the “Company”) is pleased to announce gold production in July and August 2017 more than doubled from the same period last year, increasing to 1,780 ounces, an increase of 124 year-over-year, and an increase of 9 from the prior two months of May and June 2017.
During the two months, the Company achieved an average throughput of 67.4 tonnes per day (“TPD”), an increase of 180 from the comparable two-month period in 2016, and an increase of 13from the prior two-month period of May and June 2017. Over July and August 2017, the Company processed approximately 4,178 tonnes of material, compared to 1,492 tonnes year-over-year, (an increase of 180).
Inca One’s supply of gold bearing material for processing continued to increase steadily. Mineral received in July and August 2017 was 4,260 tonnes an increase of 132 year-over-year, and 10when compared to the prior two-month period of May and June 2017.
Inca One President and CEO, Edward Kelly stated, “July and August was another productive period for Chala One and our operations team is to be commended for solid and consistent production numbers. I am pleased with our continued growth entering the second half of the year, keeping Inca One on track towards our goal of positive cash flow.”
About Inca One
Inca One is a Canadian-based mineral processing company. The Company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the 6th largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately US$3 billion annually. The Company purchases its minerals from government registered small-scale mining producers from various regions and processes it at its Chala One milling facility located in Chala, Southern Peru.
On behalf of the Board,
Edward Kelly,
President and CEO
INCA ONE GOLD CORP.
For More Information Contact:
Konstantine Tsakumis
Inca One Gold Corp.
Email: ktsakumis@incaone.com
Telephone: 604-568-4877
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
- Published in Inca One Gold Corp, Mining, News Home
INCA ONE GOLD (IO:tsxv) ANNOUNCES 109 INCREASE IN YOY GOLD PRODUCTION
Inca One Gold Announces 109{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Increase in Year Over Year (YOY) Gold Production, Electrical Update and Changes to Board & Management
Momentum Public Relations
Press Release: August 22, 2017
Inca One Gold Corp.’s (IO : tsxv) gold production in May and June, 2017, reached 1,659 ounces, an increase of 109 per cent year over year and an increase of 9 per cent from February, March and April of 2017.
During the two months, the company achieved an average throughput of 60 tonnes per day, an increase of 109 per cent from the comparable period in 2016, and an increase of 5 per cent from Q4 2017. Over these two months, the company processed approximately 3,681 tonnes of material, compared with 1,747 tonnes year over year (an increase of 111 per cent).
Inca One previously reported (June, 2017, press release) that mining activity in Peru was disrupted this year by unusually harsh weather conditions including flooding. After the floods subsided, roadways reopened and mineral deliveries picked up, allowing the company to realize a substantial increase in supply of gold bearing material for processing. Mineral purchases from May and June of 2017 increased by an average of 124 per cent year over year and 3 per cent over Q4 2017.
“We are pleased with the triple-digit improvements in the three main facets of the business: mineral deliveries, processing and gold production,” stated Inca One president and chief executive officer Edward Kelly. “We are building a solid platform which we expect to improve on in the second half of this year.”
Electrical grid update
Inca One’s wholly owned Chala One milling facility is now connected to the electrical grid. The milling facility is currently receiving approximately two-thirds of its power from the grid. Final upgrades to the grid proximal to the town of Chala are under way. Full power line delivery is anticipated to be provided by SEAL, the regional power supplier, by the fall of 2017.
Changes to board and management
Inca One announces the resignation of Oliver Foeste from its board of directors and as chief financial officer. Mr. Foeste has served as a director of the company since 2010, during which time Inca One transitioned from an early-stage exploration company into an operating gold processor with cumulative revenue in excess of $30-million (U.S.) since commercial operations began in 2015. The company would like to thank Mr. Foeste for his dedication, diligence and positive contributions over the past seven years and wishes him the very best as he focuses on his growing accounting and finance advisory practice.
Also resigning from the Inca One board is Richard A. Mundie. The company would like to thank Mr. Mundie for his guidance and wish him well in all future endeavours.
The company is pleased to announce the appointment of Kevin Hart as chief financial officer.
Mr. Hart is a chartered professional accountant with over 20 years of international experience in finance, administration and governance for mining companies listed on the Toronto Stock Exchange and New York Stock Exchange. Most recently, he was corporate controller for Asanko Gold Inc. During his tenure, Asanko transitioned into a mid-tier gold producer in Ghana, West Africa. Prior to Asanko, Mr. Hart held senior finance and management positions for several companies founded by the Hunter Dickinson (HDI) group. Those companies included Farallon, which built the G9 mine in Mexico and was sold to Nyrstar in 2011. Mr. Hart was also involved in the restart of Taseko’s Gibraltar copper mine in Williams Lake, B.C.
The company is also pleased to announce the appointments of Rodney Stevens and Adrian Morger to its board of directors, effective immediately.
Mr. Stevens is a CFA charter holder with over 10 years experience in the capital markets, first as an investment analyst with Salman Partners Inc., then as a merchant and investment banker. While at Salman Partners, Mr. Stevens was recognized by Starmine in 2007, as a top-rated analyst for the metals and mining industry. Over the course of his career, Mr. Stevens has been instrumental in assisting in financings and merger and acquisition activity worth over $1-billion in transaction value.
Mr. Morger is a European-based asset manager with over 20 years experience in the banking industry. After studying business and economics from 1998 to 2001 at the University of Applied Sciences in Chur, Switzerland, he worked as fund manager of alternative investments at Internationale Fonds Service AG, then as head of fund and manager selection for VP Bank AG in Vaduz, Liechtenstein. In March, 2009, he founded Everest Wealth Management AG, followed in January, 2015, by Falknis Wealth Management AG. His asset management businesses also provide direct loans to mining companies.
About Inca One Gold Corp.
The company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the sixth-largest producer of gold in the world, and the Peruvian government estimates the small-scale-mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately $3-billion (U.S.) annually. The company purchases its minerals from government-registered small-scale mining producers from various regions and processes at its Chala One milling facility located in Chala, southern Peru.
- Published in Inca One Gold Corp, Mining, News Home
Inca One Gold Reports April 30, 2017 Financial Statements and Q4 2017 Operational Highlights
Inca One Gold Reports April 30, 2017 Financial Statements and Q4 2017 Operational Highlights
Momentum Public Relations
Press Release: August 2, 2017
VANCOUVER, BC – August 2, 2017 – INCA ONE GOLD CORP. (TSXV: IO, Frankfurt: SU9.F, SSEV: IOCL) (“IncaOne” or the “Company”) has released its audited consolidated financial statements for the year ended April 30, 2017 (“YE 2017”) and the accompanying management’s discussion and analysis (“MD&A”). All figures in this press release are in Canadian dollars unless stated otherwise. These documents have been filed electronically with SEDAR and will be available on the Company’s website.
Q4 2017 Operational Highlights
The company generated a quarterly gross operating margin of $117,316 in Q4 2017, compared to a gross operating deficit of $774,498 and $537,948 in Q4 2016 and Q3 2017, respectively. This gross operating profit can be attributed to cost savings and operational efficiencies enacted in 2016, an increase in mineral grade processed and a higher gold price per ounce sold in this quarter.
Highlights during Q4 2017 include:
- RESULTS: Total sales of $4,247,620 (Q4 2016 – $2,496,234) with total cost of goods sold of $4,130,304 (Q4 2016 – $3,270,732) resulting in a gross margin of $117,316 (Q4 2016 – gross deficit $774,498);
- TONNES: 5,088 tonnes (Q4 2016 – 2,709 tonnes) of mineral was processed and an average daily processing volume of 58.5 TPD (Q4 2016 – 31.7 TPD) was achieved; and
- GRADE: the average gold grade processed was 0.52 oz/t (Q4 2016 – 0.49 oz/t).
Quarter over Quarter highlights | Q4 2017 |
Q3 2017 |
Q4 2016 |
Variance {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Q4 2017 to Q3 2017 |
Variance {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Q4 2017 to Q4 2016 |
Tonnes processed in COGS (t) | 5,401 | 6,970 | 2,748 | (22.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | 96.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Tonnes processed in period (t) | 5,088 | 7,298 | 2,709 | (30.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | 87.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Average daily processing volume (t) | 58.5 | 79.3 | 31.7 | (26.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | 84.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Mineral grade processed (oz/t gold) | 0.52 | 0.50 | 0.49 | 5.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | 7.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Gold sold (equivalent) (oz) | 2,640 | 3,208 | 1,526 | (17.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | 73.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Gold sold (oz) | 2,575 | 3,149 | 1,459 | (18.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | 76.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Silver sold (oz) | 4,433 | 4,119 | 5,206 | 7.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | (14.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) |
Sales revenue ($) | 4,247,620 | 5,056,691 | 2,496,234 | (16.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | 70.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Cost of goods sold (“COGS”) ($) | 4,130,304 | 5,594,639 | 3,270,732 | (26.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | 26.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Gross operating margin (deficit) ($) | 117,316 | (537,948) | (774,498) | 121.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | 115.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Revenue per tonne ($) | 786 | 725 | 908 | 8.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | (14.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) |
Cost per tonne ($) | 765 | 803 | 1,207 | (4.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | (36.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) |
Gross margin per tonne ($) | 22 | (77) | (286) | 128.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | 107.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Average gold price per oz sold ($) | 1,609 | 1,576 | 1,590 | 2.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | 1.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Cost per oz sold ($) | 1,564 | 1,744 | 2,241 | (10.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) | (30.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) |
Gross margin per oz sold ($) | 44 | (168) | (531) | 126.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | 108.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Average London Close price ($) | 1,654 | 1,593 | 3.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | ||
Average London Close price ($USD) | 1,242 | 1,196 | 1,230 | 3.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | 1.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Results of Operations – Q4 2017 compared to Q4 2016
Revenue for Q4 2017 was $4,427,620 (Q4 2016 – $2,496,234) and cost of goods sold was $4,130,304 (Q4 2016 – $3,270,732) resulting in a gross margin of $117,316 (Q4 2016 – gross deficit $774,498). The gross margin improvements were primarily due to cost saving measures, operating efficiencies and mineral purchasing efficiencies enacted over the year benefiting the quarter.
In Q4 2017 Inca One operated below plant capacity due to excessively harsh weather conditions that lead to widespread flooding across Peru. Notwithstanding the above, the Company radically increased operating effectiveness in all areas of the business in this post-Restructuring ramp-up environment.
During Q4 2017, the Company reported a gross operating margin of $117,316, and a net loss of $666,558, a significant improvement from the net loss of $2,826,758 during Q4 2016. This is primarily the result of cost cutting measures. The most significant components of the loss were a net restructuring cost of $365,353, management fees and salaries of $323,261, finance costs of $234,200 and professional fees of $95,385.
During Q4 2017 the Company’s net restructuring loss of $365,353 was composed of amortized marketing restructuring costs of $432,832, restructuring costs of $110,747, impairments of $23,702, offset by a gain on debt restructuring of $201,928. There were no restructuring costs in the comparable period in 2016.
Management fees and salaries during Q4 2017 decreased by $416,776 to 323,261 compared to $740,037 during Q4 2016, primarily due to cost cutting measures in fiscal 2017.
Finance costs during Q4 2017 decreased by $73,920 to $234,200 compared to $308,120 in Q4 2016 primarily due to significantly lower debt and interest post-Restructuring and Debt Settlement.
Professional fees during Q4 2017 decreased by $47,471 to $95,385 compared to $142,856 during Q4 2016 primarily due to cost cutting measures in fiscal 2017.
Future Outlook
The Company is moving forward with its business plan to focus on gold-bearing mineral processing facilities in Peru. Inca One believes that the Chala Plant operations will provide the necessary cash flow to achieve ongoing profitability in calendar 2017. The Company intends to use the funds and net profits from the mineral processing operations at the Chala Plant, and additional fundraising activities as required, to execute its business plan and expand mineral processing operations so that it can continue to achieve its long-term objectives.
About Inca One
Inca One is a Canadian-based mineral processing company. The Company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the 6th largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, to be valued at approximately US$3 billion annually. The Company purchases its minerals from government registered small-scale mining producers from various regions and processes it at its Chala One milling facility located in Chala, Southern Peru.
On behalf of the Board,
Edward Kelly,
President and CEO
INCA ONE GOLD CORP.
For More Information Contact:
Konstantine Tsakumis
Inca One Gold Corp.
Email: ktsakumis@incaone.com
Telephone: 604-568-4877
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that the Company has limited operating experience with its Chala plant and future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
- Published in Inca One Gold Corp, Mining, News Home
Inca One unit Chala completes power line construction
Inca One unit Chala completes power line construction
Momentum Public Relations
Press Release: July 07, 2017
Inca One Gold Corp. has received verification from its wholly owned subsidiary Chala One, that construction of its new industrial power line has been completed. Initial tests and inspections by SEAL, the regional power supplier for the power line, have also been completed successfully. Chala One anticipates connection to the Peruvian national power grid imminently.
Since purchasing the original processing plant in 2013, Chala One had to rely on diesel fuel for power generation. It was not until Chala One had attained its final beneficial operating permit in January, 2017, to become a fully formalized company that its application for the necessary permits connecting the plant to the national power grid could be approved.
Construction of the two-kilometre power line at Chala One began in March, 2017, and is now complete, on time and on budget. Chala One estimates a 70-per-cent energy cost reduction as the plant shifts from diesel to electric power.
“We identified opportunities early on to reduce costs at our commercial operations,” stated Inca One president and chief executive officer, Edward Kelly. “But executing these changes required a beneficial permit. Energy savings is a necessary component of profitability. The installation of this power line and connection to the power grid will have a positive impact on our bottom line in the coming quarter.”
Private placement
The company also announces that it has closed the second tranche of its previously announced (June 9, 2017) non-brokered private placement for gross proceeds of $196,800 by the issuance of 1,968,000 units at a subscription price of 10 cents per unit.
Together with the first tranche closing previously announced on June 12, 2017, the company has raised in aggregate gross proceeds of $1,296,800 of the previously announced $1.5-million private placement. The company intends to close the final tranche of the private placement shortly.
For terms and further details of the private placement please view Inca One’s news releases dated June 9, 2017, or June 12, 2017.
About Inca One Gold Corp.
Inca One is a Canadian-based mineral processing company. The company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the sixth-largest producer of gold in the world, and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately $3-billion (U.S.) annually. The company purchases its minerals from government-registered small-scale mining producers from various regions and processes them at its Chala One milling facility located in Chala, southern Peru.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Inca One Gold Corp, Mining, News Home
Inca One closes $1.1-million first tranche of financing
Inca One closes $1.1-million first tranche of financing
Momentum Public Relations
Press Release: June 12, 2017
Inca One Gold Corp. has closed the first tranche of its previously announced (June 9, 2017) non-brokered private placement for gross proceeds of $1.1-million by the issuance of 11 million units at a subscription price of 10 cents per unit.
Each unit comprises one common share of the company and one-half of one transferable common share purchase warrant. Each whole warrant will be exercisable to purchase an additional share of the company at an exercise price of 15 cents for a period of 18 months from the closing date. The company intends to close the final tranche of the private placement shortly.
The proceeds from the offering will be used for operating cost reductions, plant infrastructure upgrades and mineral purchases. All securities issued pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
About Inca One Gold Corp.
Inca One is a Canadian-based mineral processing company. The company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the sixth-largest producer of gold in the world, and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately $3-billion (U.S.) annually. The company purchases its minerals from government-registered small-scale mining producers from various regions and processes it at its Chala One milling facility located in Chala, southern Peru.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Inca One Gold Corp, Mining, News Home
Inca One arranges $1.5-million private placement
Inca One arranges $1.5-million private placement
Momentum Public Relations
Press Release: June 9, 2017
Inca One Gold Corp. is undertaking a non-brokered private placement for gross proceeds of up to $1.5-million.
The private placement will consist of the issuance of 15 million units at a subscription price of 10 cents per unit. Each unit will comprise one common share of the company and one-half a common share purchase warrant. Each full warrant will be exercisable to purchase an additional share of the company at an exercise price of 15 cents for a period of 18 months from the closing date.
The proceeds from the offering will be used for operating cost reductions, plant infrastructure upgrades and mineral purchases. Insiders of the company may subscribe for units under the private placement. All securities issued in connection with the private placement will be subject to a statutory hold period of four months plus a day from the closing date in accordance with applicable securities legislation. Finders’ fees may be paid in connection with this offering. Closing of the private placement is subject to the approval of the TSX Venture Exchange.
About Inca One Gold Corp.
Inca One is a Canadian-based mineral processing company. The company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. The company purchases its minerals from government-registered, small-scale mining producers from various regions and processes them at its Chala One milling facility located in Chala, southern Peru.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Inca One Gold Corp, Mining, News Home